Investment Objective and Strategy

Is this fund a good choice for me?
The Intermediate Bond Fund may be appropriate if you want the potential to earn a higher level of current income than short-term fixed-income investments typically provide. The fund’s share price is likely to be more volatile than a short-term bond fund’s because longer-term bonds are usually more sensitive to changes in interest rates than shorter-term securities.

Investment objective and strategy
The fund seeks a high level of income consistent with preservation of capital by investing in bonds and other debt securities. These investments include: commercial paper; corporate bonds; U.S. Treasury securities; securities issued or guaranteed by U.S. government entities, agencies or instrumentalities; municipal bonds; mortgage-backed and other asset-backed securities; mortgage pass-through securities; U.S. dollar-denominated debt securities of foreign issuers (Yankee Bonds); sovereign and supranational debt securities; and other income-producing debt instruments with fixed, floating or variable interest rates.

The fund may invest in securities of any credit quality and may invest up to 15% of assets in securities rated below investment grade. The average maturity of the portfolio, under normal circumstances, is expected to be between three and 10 years.

 

 

Performance

Total Returns

As of 6/30/2022

Calendar-Year Total Returns

Growth of $10,000

This line chart is a comparison of the change in value of a $10,000 investment in the Fund and the Bloomberg U.S. Aggregate Index. The chart represents past performance, which is no guarantee of future results. Current performance may be higher or lower than that shown above. Returns and the principal value of your investment will fluctuate such that shares, when redeemed, may be worth more or less than their original cost. The fund’s average annual total returns are net of any fee waivers and reimbursements. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.

Industry Classifications

For the month ending 06/30/2022

Morningstar

Category Intermediate Core Bond
Rating*
★★★★

*Overall, out of 547 funds, according to risk-adjusted return

Lipper

Classification Intermediate Investment-Grade Debt

Share Price History

As of 10/03/2022

The chart plots daily share prices for the last 10 years. The interactive calendar will retrieve the share price for any business day since the fund's inception.

Composition

Security Weightings

As of 6/30/2022

Portfolio Characteristics

As of 6/30/2022

Net Assets $135,136,553
Number of Holdings 282
Weighted Average Maturity 8.06 years
Duration 6.12 years

Distributions

Income and/or capital gains distributions for this fund, if any, are listed in the table below for the current and previous calendar year. Mutual funds are required to pass through to their shareholders substantially all of the interest income and capital gains earned by the fund during the year. These distributions are paid on a regular schedule as shown in the table below.

2022 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Ordinary Income Daily 1/31/22 $0.0056
Ordinary Income Daily 2/28/22 $0.0063
Ordinary Income Daily 3/31/22 $0.0065
Ordinary Income Daily 4/30/22 $0.0066
Ordinary Income Daily 5/31/22 $0.0075
Ordinary Income Daily 6/30/22 $0.0076
Ordinary Income Daily 7/29/22 $0.0080
Ordinary Income Daily 8/31/22 $0.0084

2021 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Ordinary Income Daily 1/29/21 $0.0063
Ordinary Income Daily 2/26/21 $0.0062
Ordinary Income Daily 3/31/21 $0.0062
Ordinary Income Daily 4/30/21 $0.006
Ordinary Income Daily 5/28/21 $0.0058
Ordinary Income Daily 6/30/21 $0.0057
Ordinary Income Daily 7/30/21 $0.0054
Ordinary Income Daily 8/31/21 $0.005
Ordinary Income Daily 9/30/21 $0.0053
Ordinary Income Daily 10/29/21 $0.0056
Ordinary Income Daily 11/30/21 $0.0058
Ordinary Income Daily 12/31/21 $0.0055

The record date is the date on which you must be a shareholder in order to receive a portion of the fund’s distribution.

The declaration date, typically the business day after the record date, is the date the amount of the distribution is announced and deducted from fund assets. On this day, the amount of the distribution is deducted from fund assets and calculated as a per share amount to be passed through to shareholders. The fund’s share price will decline by the amount of the distribution (plus or minus any share price change related to market activity). The following business day, shareholders will see their portion of the distribution posted to their account as either a cash dividend or dividend reinvestment.

Portfolio Management

Debt securities are subject to interest rate risk, credit risk, extension risk, income risk, issuer risk and market risk. The value of U.S. government securities can decrease due to changes in interest rates or changes to the financial condition or credit rating of the U.S. government. Investments in asset-backed and mortgage-backed securities are also subject to prepayment risk as well as increased susceptibility to adverse economic developments. High-yield, lower-rated securities involve greater risk than higher-rated securities.